Bitfloor turned over $2 million in volume today, yielding commissions of $6000.

How do you get the $6,000 figure? Bitfloor charges 0.4% fee on transaction in both directions (so 0.4%*2), but actually pays market makers (people who put up a bid as a price and sit on it), so it's really difficult to predict how much of the volume earned fees and how much lost them.

There is always one maker and one taker for every transaction. So Bitfloor collects 0.4% from the taker, and pays out 0.1% to the maker resulting in 0.3% net fee. It isn't hard to predict the net fee. It will always be 0.3% on every tx, every time.

There is always one maker and one taker for every transaction. So Bitfloor collects 0.4% from the taker, and pays out 0.1% to the maker resulting in 0.3% net fee. It isn't hard to predict the net fee. It will always be 0.3% on every tx, every time.

might be time to change the OP title ... "Bitcoin needs bitfloor's help!"

I do not know if Bitcoin can take another "theft" of people's bitcoins by people who just dump the proceeds of their theft and drive the price lower.

Sure it can. It's happened many times before, what's one more?(Who's money got stolen this time?)

In addition, I don't see any evidence that dumping ill-gotten bitcoins is what's causing the falling exchange rate.

You misunderstood me (or I was not clear, same effect). Someone made the statement that BITCOIN needs Bitfloor to save it. My comment was we do not need another Bitfloor "security" screwup putting MORE bitcoins on the sell side of this market.

" Our servers are experiencing intermittent DDoS attacks. We are trying to resolve the situation for all of our users.

If you are coordinating a DDoS attack, please remember that bitcoin companies are not giant multinationals with huge support staff and computers. We are all involved because we want to see bitcoin succeed.

" Our servers are experiencing intermittent DDoS attacks. We are trying to resolve the situation for all of our users.

If you are coordinating a DDoS attack, please remember that bitcoin companies are not giant multinationals with huge support staff and computers. We are all involved because we want to see bitcoin succeed.

I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed and we can no longer provide the same level of USD deposits and withdrawals as we have in the past. As such, I have made the decision to halt operations and return all funds.

Over the next days we will be working with all clients to ensure that everyone receives their funds. Please be patient as we process your request.

As much as I regret the post I am about to write I feel that it is only fair and holding to the spirit of BitFloor that I disclose everything that is going on and make the information available. Please read the entirety of the post. As always, if you have any questions please post them here versus contacting support so that other users may benefit from the answer (unless it is private).

Last night, a few of our servers were compromised. As a result, the attacker gained accesses to an unencrypted backup of the wallet keys (the actual keys live in an encrypted area). Using these keys they were able to transfer the coins. This attack took the vast majority of the coins BitFloor was holding on hand. As a result, I have paused all exchange operations. Even tho only a small majority of the coins are ever in use at any time, I felt it inappropriate to continue operating not having the capability to cover all account balances for BTC at the time.

Due to the serious nature of what has happened I am currently evaluating options for BitFloor. One of the last things I want to happen is for BitFloor to shutdown and cause more panic in the bitcoin community. The platform itself is very valuable and provides an important and friendly service to many users.BitFloor is very much focused on the end user and creating a reliable and trusted platform for everyone. Through exchange user support, I can continue to operate BitFloor. I believe that posting the exchange source and being even more transparent about operations would be a step in this direction if we were to continue operating. BitFloor is currently the #4 USD exchange and #1 in the US.

As a last resort, I will be forced to fully shut BitFloor down and initiate account repayment using current available funds. I still have all of the logs for accounts, trades, transfers. I know exactly how much each user currently has in their account for both USD and BTC. No records were lost in this attack.

I realize that saying that I appreciate everyone's understanding is a moot point, however I do wish to re-iterate that my goal is to find the best and most reasonable way forward for BitFloor customers and the exchange and not create more panic that the community has already seen time and time again.

I would like to keep this thread focused on evaluating ideas of BitFloor operation and will create a separate thread for discussion (see below) about the actual transactions and tracing the coin theft. I will not speak at detail about the actual breach at this time as my current focus is on the future and not the past.

As much as I regret the post I am about to write I feel that it is only fair and holding to the spirit of BitFloor that I disclose everything that is going on and make the information available. Please read the entirety of the post. As always, if you have any questions please post them here versus contacting support so that other users may benefit from the answer (unless it is private).

Last night, a few of our servers were compromised. As a result, the attacker gained accesses to an unencrypted backup of the wallet keys (the actual keys live in an encrypted area). Using these keys they were able to transfer the coins. This attack took the vast majority of the coins BitFloor was holding on hand. As a result, I have paused all exchange operations. Even tho only a small majority of the coins are ever in use at any time, I felt it inappropriate to continue operating not having the capability to cover all account balances for BTC at the time.

Due to the serious nature of what has happened I am currently evaluating options for BitFloor. One of the last things I want to happen is for BitFloor to shutdown and cause more panic in the bitcoin community. The platform itself is very valuable and provides an important and friendly service to many users.BitFloor is very much focused on the end user and creating a reliable and trusted platform for everyone. Through exchange user support, I can continue to operate BitFloor. I believe that posting the exchange source and being even more transparent about operations would be a step in this direction if we were to continue operating. BitFloor is currently the #4 USD exchange and #1 in the US.

As a last resort, I will be forced to fully shut BitFloor down and initiate account repayment using current available funds. I still have all of the logs for accounts, trades, transfers. I know exactly how much each user currently has in their account for both USD and BTC. No records were lost in this attack.

I realize that saying that I appreciate everyone's understanding is a moot point, however I do wish to re-iterate that my goal is to find the best and most reasonable way forward for BitFloor customers and the exchange and not create more panic that the community has already seen time and time again.

I would like to keep this thread focused on evaluating ideas of BitFloor operation and will create a separate thread for discussion (see below) about the actual transactions and tracing the coin theft. I will not speak at detail about the actual breach at this time as my current focus is on the future and not the past.